@Brennan Guiles this really depends on what you are looking for and purchasing.  

It all depends on host/person, but right now the biggest pain point is finding a cash-flowing property with conventional financing. 

It really depends on you goals as others have mentioned.

What you decide to do depends on a few things.

Depends on how you structured the loan but I think you're gonna get 'clipped' by your bank. 

I think there's a time to either cashout refi or sell but that is when you've accrued enough equity to parlay that into two more properties (which usually take about 5 years or so depending on the market).  

Need more info to determine if it's a good deal or not...Cleveland RE prices vary drastically depending on the neighborhood, but also condition, market rents, if it has a POS,  etc.

This deal CAN still be done, but the owner in FL has to step forward and work out a resolution with the IRS, which can certainly be done, and, depending on the owner's other circumstances, the resolution may be quite favorable to the owner.  

The schools vary wildly depending on neighborhood, with Parkview Village at a 7, and Chickasaw at a 6.

@Stuart Udis Depending upon the state, you can go after their bond as well.